What is a pawn?
In technical language, the State of Colorado defines pawn as a “contract for purchase”; meaning a contract is entered into between a pawnbroker and a customer pursuant to which money is advanced to the customer by the pawnbroker on the delivery of tangible personal property by the customer on the condition that the customer, for a fixed price and within a fixed period of time, to be no less than thirty days, has the option to cancel said contract [C.R.S § 12-56-101]. Simply interpreting the Colorado Statue, a pawn is a collateral-based loan meaning the loan is secured by something of value for up to 30 days (renewable).
To pawn an item, you bring in something you own and we determine its marketability usually offering to let you pawn that item. We then keep your item until you repay the pawn plus the contracted finance charge. The pawn amount will likely be a fair fraction of the item’s actual value depending on the marketability of the item. Generally you can expect to receive about 50% of its resale value (what we would receive if we sold the item).
Our contract is good for 30 days; during that time we securely hold the item separately and apart from any other property and do not change or alter it in any way. At the end of the 30 day contract you can pay just the finance to renew or extend the contract for another 30 days. For pawn amounts exceeding $300, we lower the finance rate to reduce your burden. You also have the option of repaying the pawn plus the finance and getting your item back (up to or any time before the 30 days is up). If you decide not to repay, we take ownership of the item and offer it for sale to recoup our costs. You keep the cash! This transaction will not affect your credit rating in any way.
Can I simply sell an item I no longer want or need?
Yes! If the item you have is marketable we are willing to make you a fair offer and will purchase that item from you and pay you cash on the spot.